Atlantic Petroleum buys interest in Norwegian Sea blocks
- Business & Finance
Atlantic Petroleum has acquired a 10 percent interest from Ithaca Petroleum in production licences PL601 and PL602 in the Norwegian Sea.
Atlantic Petroleum says that the transaction, subject to government approval, is a result of the company’s strategic focus in this area.
With the previously announced commercial agreement with Spanish oil company Repsol on PL528 block and the increased exposure in PL602 and PL601, Atlantic Petroleum explains that the moves reduce risk while securing protection area surrounding PL528 where the Ivory well is expected to spud in September.
Ben Arabo, Atlantic Petroleum CEO, said: “We are optimistic about the area surrounding the Asta Hansteen development. The approach we are taking is securing us a bigger portion of the potential upside in the area while limiting the downside risk.”
The Aasta Hansteen development, mentioned by Arabo, has been described as one of the biggest and most complex industrial projects in Europe, by operator Statoil.
The field will host the biggest spar platform in the world. Spar is a cylindrical, partially submerged offshore production platform that is particularly well adapted to deepwater.